Private car service provider Uber resumes its credit card payment option in India. It comes after the company was flagged by the Reserve Bank of India (RBI) for its practice of storing passengers’ credit card details and automatically deducting the fare from their accounts after each ride.
It was forced to stop this practice last year, after the central bank mandated that all electronic transactions – which do not involve swiping a card – should have a second-factor authentication. Now, Uber requires passengers to enter their online banking pin or one-time password before they can charge the fare.
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To comply with the mandate, it also collaborated with Paytm to launch a mobile wallet within its app – thus allowing passengers to pay for their rides without using cash.
The company also plans to set up a support facility in Hyderabad and create hundreds of new jobs. Once the facility is operational, India will become Uber’s second largest employee base after the US.
India is already the second biggest market for Uber outside the US.
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By GlobalData
